Question

Is the 529 limit of $10,000 (for married filing joint) per household or per child account?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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TurboTax is telling me that I cannot enter more than $10,000 on Part 1 line 1 of the 529 section. But I have friends that say the $10,000 limit is per child. (Although they are in NJ and I am in NY). Could someone confirm if the limit is per household or per child? And is there a difference between NY and NJ?

TurboTax Deluxe Online

MargaretL

Employee

Turbo Tax is correct. The contributions to a New York 529 plan are up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly.

https://www.tax.ny.gov/press/rel/2015/benefitsof529collegesavingsprogram122415.htm

NJ does not have a contribution deduction to 529 plans; therefore, residents can keep making contributions until the plan value for a beneficiary is $305,000.